The relationship between PAN (Permanent Account Number) and Aadhaar has become a hot topic in recent years. Both are unique identification numbers issued by the Indian government, and linking them has various implications. In this article, we will discuss the history, importance, and celebration of linking PAN with Aadhaar, as well as provide step-by-step instructions on how to do it.
The History of PAN and Aadhaar Linking
The concept of PAN was introduced in 1972 as a way to track financial transactions and prevent tax evasion. Aadhaar, on the other hand, was launched in 2009 to provide a universal proof of identity for Indian citizens. The government decided to link these two IDs in an effort to combat black money and ensure transparency in financial transactions.
In 2017, the government made it mandatory to link PAN with Aadhaar for income tax purposes. It was also announced that all existing PAN cards that were not linked with Aadhaar would become invalid after a certain date (the date has changed multiple times, but as of now, it is set to September 30, 2021). The main goal behind this move was to eliminate duplicate and fake PAN cards and streamline the taxation process.
When to Link PAN with Aadhaar
The deadline to link PAN with Aadhaar has been extended multiple times, but it is important to keep track of the latest date announced by the government. As mentioned earlier, the current deadline is September 30, 2021. Failure to link the two IDs by this date can result in your PAN becoming invalid, and you may face penalties for not complying with the government’s directive.
The Importance of Linking PAN with Aadhaar
Linking PAN with Aadhaar has various benefits, both for individuals and the government. For individuals, it simplifies the taxation process by eliminating the need to submit physical documents for verification. It also helps in getting refunds faster and reduces the chances of tax evasion.
For the government, it has made the process of tracking financial transactions more efficient and transparent. This, in turn, helps in combating black money and corruption. It also helps in identifying individuals who have multiple PAN cards and prevents them from evading taxes.
How to Link PAN with Aadhaar
Linking PAN with Aadhaar is a simple process that can be done in a few easy steps:
Step 1: Visit the income tax department’s e-filing website (https://www.incometaxindiaefiling.gov.in/home) and log in to your account.
Step 2: Under the ‘Profile Settings’ tab, click on ‘Link Aadhaar’.
Step 3: Enter your PAN, Aadhaar, and name as mentioned in the respective cards.
Step 4: Click on ‘Link Aadhaar’.
Step 5: A pop-up message will appear, confirming the successful linking of PAN with Aadhaar.
If you find it difficult to link your PAN with Aadhaar online, you can also do it offline by filling out a form and submitting it to your nearest PAN service center or NSDL e-governance branch.
The Celebration of PAN – Aadhaar linking
While linking PAN with Aadhaar may not necessarily call for a celebration, it is a significant step towards creating a transparent financial system and eliminating corruption and tax evasion. It is a proud moment for the government in its fight against black money, and individuals can also feel a sense of pride in contributing to this cause by linking their PANs with Aadhaar.
Facts to Know About Linking PAN with Aadhaar
1. As of July 2021, about 30.75 crore PANs have been linked with Aadhaar.
2. Aadhaar can only be linked with one PAN, and linking it with multiple PANs is illegal and can lead to penalties.
3. If your name, date of birth, or gender on the PAN and Aadhaar do not match, you will have to visit an Aadhaar service center to get it rectified before linking the two.
In Conclusion
Linking PAN with Aadhaar has become a crucial step in the Indian taxation system. It is an important reminder for individuals to fulfill their responsibility as citizens and contribute to making India’s financial system more transparent and efficient. With the current deadline set to September 30, 2021, it is important to link your PAN with Aadhaar at the earliest to avoid any last-minute rush or penalties. So, follow the simple steps mentioned above and do your part in building a better India.
